The group, which also publishes the Sunday Mirror, The People, Daily Record and a string of regional newspapers, said overall revenues plunged by 15 per cent in the 43 weeks to October 25.

In a trading update it said group advertising fell by 28 per cent in the half year to the end of June and by 20 per cent in the following 17 weeks.

At its national newspaper division advertising revenues are down by 11 per cent for the year to date, while its regional news­papers have suffered a 32 per cent fall in advertising, with recruitment, property and motors worst hit.

It closed 22 regional titles in the first half and has closed four since.

Efforts to offset the decline in its newspapers by growing its online business were dashed by a 19 per cent drop in digital revenues.

The company, which this month announced plans to close its final salary pension schemes, said net debt at the end of October was £354million, against £370million in June.

Comments Unavailable

Sorry, we are unable to accept comments about this article
at the moment. However, you will find some great articles
which you can comment on right now in our Comment section.